Indian Companies Ka Foreign Debt Mein Toofani Josh! **$4.4 Billion** Ka Record Break, Par Rupee Ka Kya Hoga?

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AuthorRiya Kapoor|Published at:
Indian Companies Ka Foreign Debt Mein Toofani Josh! **$4.4 Billion** Ka Record Break, Par Rupee Ka Kya Hoga?
Overview

Yaar, Indian companies ne December 2025 mein foreign debt ke liye zabardast filing ki hai, total **$4.43 billion**! Yeh FY26 ka sabse bada monthly figure hai, jo dikhata hai ki companies ko paison ki zaroorat hai aur woh bahar se paisa utha rahe hain. Lekin iske saath kuch currency aur leverage ke risks bhi badh gaye hain.

Record Breaking Foreign Debt Filing!

Indian corporates ne December 2025 mein External Commercial Borrowings (ECBs) aur Foreign Currency Convertible Bonds (FCCBs) ke liye ek record tod diya hai. Total $4.43 billion ki filing hui hai, jo fiscal year 2026 ka sabse bada monthly total hai. Iska matlab hai ki companies ko capital ki khaasi demand hai aur woh international markets se fund raise karne mein full speed mein hain.

Fund Raising Ka Breakdown

Is record amount mein se $3.12 billion toh automatic route se aaye hain, matlab jaldi approval mil gaya. Aur $1.31 billion ke liye special regulatory approval chahiye tha. Yeh dikhata hai ki companies dono tarah ke raaston se paise utha rahi hain.

Kaun Utha Raha Hai Paisa Aur Kyun?

Bade players ne plans banaye hain:

  • Indian Railway Finance Corporation (IRFC) ne infrastructure ke liye $299.5 million maange hain.
  • Air India $154.9 million raise karne ka soch rahi hai, mostly capital goods import ke liye.
  • Indian Oil Corporation (IOC) $300 million refinance karne ke liye uthana chahti hai, taaki interest costs kam ho sakein.
  • NBFCs aur financial institutions bhi peeche nahi hain. Aditya Birla Capital NBFC ne $300 million on-lending ke liye plan kiya hai, aur Piramal Finance Ltd $125 million usi purpose ke liye maang rahi hai.
  • HDB Financial Services $150 million multilateral institutions se le rahi hai.
  • Power Finance Corporation (PFC) $499.8 million on-lending ke liye facility dekh rahi hai.
  • EXIM Bank bhi $350 million on-lending activities ke liye file kiya hai.
  • Aur haan, InterGlobe Aviation bhi $4.63 billion capital goods import ke liye raise karne ka plan bana rahi hai!

Currency Ka Danger Zone

Jab companies foreign currency mein itna paisa raise karti hain, toh Rupee ki value girne ka risk badh jaata hai. Jaise ki, Indian Rupee pichhle 12 mahine mein lagbhag 4.23% gir chuka hai, aur ab February 10, 2026 ko 90.4680 ke aas paas trade kar raha hai US Dollar ke saamne. 2026 ke end tak Rupee 87 se 90 ke beech mein reh sakta hai, aisa forecast hai. Toh iska matlab hai ki companies ko loan repayment ke liye zyada Rupee kharch karne padenge, aur foreign interest rates ka faida kam ho sakta hai agar Rupee girta raha.

Sectoral Focus: NBFCs Aur Infrastructure

NBFCs aur infrastructure wale sectors is capital raising mein sabse aage hain. RBI ne NBFCs ko diye jaane wale bank credit par risk weightage badha diya hai, jisse local funding thoda mehenga ho gaya hai. Isliye ECBs unke liye on-lending aur working capital needs ke liye attractive ban gaye hain. Infrastructure projects ke liye toh yeh funds bohot zaruri hain.

Leverage Ki Chinta

Ye borrowing ka boom companies ke financial leverage ko badha raha hai. Jaise, IRFC ka debt-to-equity ratio average 8.81 raha hai pichhle 5 saal mein, aur March 2025 tak Net Debt to Equity 774.4% tha. Aditya Birla Capital ka D/E ratio 4.37 hai. Zyada leverage matlab zyada risk, agar economy mein koi gadbad hui ya interest rates badh gaye toh companies zyada vulnerable ho jayengi.

Macroeconomic Support?

Dese mein interest rates stable hain. RBI ne February 2026 mein repo rate 5.25% par maintain rakha hai. Aur India ki GDP growth bhi mazboot hai, September quarter 2025 mein 8.2% aur FY26 ke liye 7.4% ka forecast hai. Ye sab conditions companies ko bahar se sasta paisa uthane ke liye encourage kar rahi hain.

Aage Kya Ho Sakta Hai?

Analysts keh rahe hain ki 2026 mein Rupee volatile reh sakta hai, par zyada girne ke chances kam hain. Par global interest rates aur currency volatility ko manage karna companies ke liye bohot important hoga. Is record borrowing trend se pata chalta hai ki foreign capital ki demand bani rahegi.

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